micro10q022512.htm

0001010549-12-000393.txt : 20120410 0001010549-12-000393.hdr.sgml : 20120410 20120410163135 ACCESSION NUMBER: 0001010549-12-000393 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120225 FILED AS OF DATE: 20120410 DATE AS OF CHANGE: 20120410 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICROPAC INDUSTRIES INC CENTRAL INDEX KEY: 0000065759 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 751225149 STATE OF INCORPORATION: DE FISCAL YEAR END: 0529 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05109 FILM NUMBER: 12752234 BUSINESS ADDRESS: STREET 1: 905 E WALNUT ST CITY: GARLAND STATE: TX ZIP: 75040 BUSINESS PHONE: 2142723571 MAIL ADDRESS: STREET 1: 905 E WALNUT CITY: GARLAND STATE: TX ZIP: 75040 FORMER COMPANY: FORMER CONFORMED NAME: FARSI INDUSTRIES INC DATE OF NAME CHANGE: 19700911 10-Q 1 micro10q022512.htm MICROPAC INDUSTRIES, INC. micro10q022512.htm

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.20549

FORM 10-Q

(Mark One)


þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 25, 2012


o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-5109

MICROPAC INDUSTRIES, INC.

Delaware	75-1225149
(State of Incorporation)	(IRS Employer Identification No.)

905 E. Walnut, Garland, Texas	75040
(Address of Principal Executive Office)	(Zip Code)

Registrant’s Telephone Number, including Area Code	(972) 272-3571

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o	Accelerated filer o
Non-accelerated filero	Smaller reporting company x

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

On April 10, 2012 there were 2,578,315 shares of Common Stock, $.10 par value outstanding.

MICROPAC INDUSTRIES, INC.

FORM 10-Q

February 25,2012

INDEX

PART I - FINANCIAL INFORMATION

		ITEM 1 - FINANCIAL STATEMENTS

		Condensed Balance Sheets as of February 25, 2012 (unaudited) and November 30, 2011
		Condensed Statements of Operations for the three months ended February 25, 2012 and February 26, 2011 (unaudited)
		Condensed Statements of Cash Flows for the three months ended February 25, 2012 and February 26, 2011 (unaudited)
		Notes to Condensed Financial Statements (unaudited)

		ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


		ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

		ITEM 4 - CONTROLS AND PROCEDURES



PART II -OTHER INFORMATION

	ITEM 1 - LEGAL PROCEEDINGS
	ITEM 1A -RISK FACTORS
	ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
	ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
	ITEM 4 - MINE SAFETY DISCLOSURE
	ITEM 5 - OTHER INFORMATION
	ITEM 6 - EXHIBITS

SIGNATURES

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MICROPAC INDUSTRIES, INC.

CONDENSED BALANCE SHEETS

(Dollars in thousands)

ASSETS

	02/25/12			11/30/11
	(Unaudited)

Cash and cash equivalents	$	7,781		$	8,488
Short-term investment		2,003			2,000
Accounts receivable		2,119			1,911
Inventories:
Raw materials		2,597			2,803
Work-in process		2,664			2,475
Total inventories		5,261			5,278
Deferred income tax		720			720
Prepaid income tax		432			474
Prepaid expenses and other assets		72			145
Total current assets		18,388			19,016

PROPERTY, PLANT AND EQUIPMENT, at cost:
Land		80			80
Buildings		498			498
Facility improvements		1,059			1,059
Machinery and equipment		7,590			7,526
Furniture and fixtures		672			672
Total property, plant, and equipment		9,899			9,835
Less accumulated depreciation		(7,986	)		(7,901	)
Net property, plant, and equipment		1,913			1,934

Total assets	$	20,301		$	20,950

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable	$	343		$	359
Accrued compensation		361			570
Deferred revenue		39			175
Other accrued liabilities		361			471
Income taxes payable		100			98
Total current liabilities		1,204			1,673

DEFERRED INCOME TAXES		420			420

SHAREHOLDERS’ EQUITY
Common stock, ($.10 par value), authorized 10,000,000 shares,3,078,315 issued and 2,578,315 outstanding at February 25, 2012 and November 30, 2011		308			308
Paid-in capital		885			885
Treasury stock, 500,000 shares, at cost		(1,250	)		(1,250	)
Retained earnings		18,734			18,914

Total shareholders’ equity		18,677			18,857

Total liabilities and shareholders’ equity	$	20,301		$	20,950

See accompanying notes to financial statements.

MICROPAC INDUSTRIES, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Dollars in thousands except share data)

(Unaudited)

	Three months ended
	02/25/12			02/26/11


NET SALES	$	3,714		$	5,590

COST AND EXPENSES:

Cost of goods sold		(2,605	)		(3,402	)

Research and development		(122	)		(149	)

Selling, general & administrative expenses		(868	)		(980	)

Total cost and expenses		(3,595	)		(4,531	)

OPERATING INCOME BEFORE INTEREST AND TAXES		119			1,059

Interest and other income		3			-

INCOME BEFORE TAXES	$	122		$	1,059 8

Provision for taxes		(44	)		(381	)

NET INCOME	$	78		$	678
NET INCOME PER SHARE, BASIC AND DILUTED	$	0.03		$	0.26

DIVIDENDS PER SHARE	$	0.10		$	0.10

WEIGHTED AVERAGE OF SHARES, basic and diluted		2,578,315			2,578,315

See accompanying notes to financial statements.

MICROPAC INDUSTRIES, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	Three months ended
	2/25/12			2/26/11
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	78		$	678
Adjustments to reconcile net income to
net cash provided by (used in) operating activities:
Depreciation and amortization		85			70
Changes in certain current assets and liabilities:
(Increase)decrease in accounts receivable		(208	)		205
Decrease in inventories		17			7
(Increase) decreasein prepaid expenses and other current assets		115			(55	)
Decrease in accounts payable		(16	)		(61	)
Decrease in accrued compensation		(209	)		(345	)
Decrease in deferred revenue		(136	)		(76	)
Decrease in other accrued liabilities		(110	)		(91	)
Increase in income taxes payable		2			374

Net cash provided by (used in) operating activities		(382	)		706

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short term investments		(3	)		(1,000	)
Additions to property, plant and equipment		(64	)		(255	)

Net cash used in investing activities		(67	)		(1,255	)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividend		(258	)		(258	)

Net cash used in financing activities		(258	)		(258	)

Net change in cash and cash equivalents		(707	)		(807	)

Cash and cash equivalents at beginning of period		8,488			9,085

Cash and cash equivalents at end of period	$	7,781		$	8,278

Supplemental Cash Flow Disclosure:

Cash paid for income taxes	$	-		$	7

See accompanying notes to financial statements.

MICROPAC INDUSTRIES, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Note 1 BASIS OF PRESENTATION

Business Description

Micropac Industries, Inc. (the “Company”), a Delaware corporation, manufactures and distributes various types of hybrid microelectronic circuits, solid state relays, power operational amplifiers, and optoelectronic components and assemblies. The Company’s products are used as components in a broad range of military, space and industrial systems, including aircraft instrumentation and navigation systems, power supplies, electronic controls, computers, medical devices, and high-temperature (200o C) products. The Company’s products are either custom (being application specific circuits designed and manufactured to meet the particular requirements of a single customer) or standard, proprietary components such as catalog items.

The Company’s facilities are certified and qualified by Defense Logistics Agency (DLA) to MIL-PRF-38534 (class K-space level), MIL-PRF-19500 JANS (space level), and MIL-PRF-28750 (class K-space level) and is certified to ISO 9001-2002. Micropac is a NASA core supplier, and is registered to AS9100-Aerospace Industry standard for supplier certification.

The Company’s core technology is the packaging and interconnecting of miniature electronic components, utilizing thick film and thin film substrates, and forming microelectronics circuits. Other technologies include light emitting and light sensitive materials and products, including light emitting diodes and silicon phototransistors used in the Company’s optoelectronic components and assemblies.

In the opinion of management, the unaudited financial statements include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the financial position as of February 25, 2012, the results of operations for the three months ended February 25, 2012and February 26, 2011, and the cash flows for the three monthsended February 25, 2012and February 26, 2011. Unaudited financial statements are prepared on a basis substantially consistent with those audited for the year ended November 30, 2011. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to the rules and regulations promulgated by the Securities and Exchange Commission. However, management believes that the disclosures contained are adequate to make the information presented not misleading.

Note 2 SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition

Revenues are recorded as shipments are made based upon contract prices. Any losses anticipated on fixed price contracts are provided for currently. Sales are recorded net of sales returns, allowances and discounts.

The Company recognizes revenue in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 605-10-S99, Revenue Recognition (ASC 605-10-S99). ASC 605-10-S99 requires that four basic criteria must be met before revenues can be recognized: (1) persuasive evidence of an arrangement exists; (2) shipment hasoccurred or services have been rendered; (3) the fee is fixed and determinable;and (4) collectibility is reasonably assured.

Deferred revenue represents prepayments from customers and will be recognized as revenue when the products are shipped per the terms of the contract.

Short-Term Investments

The Company has $2,003,000 in short term investments at February 25, 2012. Short-term investments consist of certificates of deposits with maturities greater than 90 days. These investments are reported at historical cost, which approximates fair value. All highly liquid investments with maturities of 90 days or less are classified as cash equivalents. All short-term investments are securities which the Company has the ability and intent to hold to maturity and mature within one year.

Inventories

Inventories are stated at lower of cost or market value and include material, labor and manufacturing overhead. All inventories are valued using the FIFO (first-in, first-out) method of inventory valuation. The Company writes down obsolete and overstocked inventorybased on the usage of inventory over a three year period and projected usage based on current backlog.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Under this method the Company records deferred income taxes for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The resulting deferred tax liabilities and assets are adjusted to reflect changes in tax law or rates in the period that includes the enactment date.

Property, Plant, and Equipment

Property, plant, and equipment are carried at cost, and depreciation is provided using the straight-line method at rates based upon the following estimated useful lives (in years) of the assets:

	Buildings	15
	Facility improvements	8-15
	Machinery and equipment	5-10
	Furniture and fixtures	5-8

The Company assesses long-lived assets for impairment under ASC 360-10-35, Property, Plant and Equipment – Subsequent Measurement. When events or circumstances indicate that an asset may be impaired, an assessment is performed. The estimated future undiscounted cash flows associated with the asset are compared to the asset’s net book value to determine if a write down to market value less cost to sell is required.

Repairs and maintenance are expensed as incurred. Improvements which extend the useful life of property, plant, and equipment are capitalized.

Research and Development Costs

Costs for the design and development of new products are expensed as incurred.

Note 3 FAIR VALUE MEASUREMENT

The Company had no financial assets and liabilities measured at fair value on a recurring basis as of February 25, 2012 and November 30, 2011. The fair value of financial instruments such as cash and cash equivalents, short term investments, accounts receivable, and accounts payable approximate their carrying amount based on the short maturity of these instruments. There were no nonfinancial assets measured at fair value on a nonrecurring basis at February 25, 2012 and November 30, 2011.

Note 4 RELATED PARTIES

Mr. Eugene Robinson, a director and member of the Company’s audit committee, provides advisory services to the Company.Mr. Robinson was not paid any advisory services fees in the first quarters of 2012 and 2011.

Note 5STOCK-BASED COMPENSATION

On March 1, 2001, the Company’s shareholders approved the 2001 Employee Stock Option Plan (the “Stock Plan”) with 500,000 options available to be granted. No options have been granted to date.

Note 6 COMMITMENTS

On June 1, 2011, the Company renewed a $6,000,000 revolving line of credit agreement with a Texasbanking institution for a term of two years. The interest rate is equal to the prime rate. The line of creditrequires that the Company maintain a quick ratio of at least 1:1, maintain a tangible net worth of $10,000,000and maintain a total liabilities to tangible net worth of less than 1.25:1. The Company has not, to date, usedany of the available line of credit. The Company is currently in compliance with such financial requirements,but there is no guarantee that the Company will remain in compliance. If the Company does not maintaincompliance with each of the requirements, its ability to receive advances from the line of credit will beimpaired.

Note 7 EARNINGS PER COMMON SHARE

Basic and diluted earnings per share are computed based upon the weighted average number of shares outstanding during the respective periods.Dilutedearningspersharegive effect to all dilutive potentialcommonshares.For the three months ended February 25, 2012and February 26, 2011, the Company had no dilutive potential common stock.

Note 8 SHAREHOLDERS’ EQUITY

On December 16, 2010, the Board of Directors of Micropac Industries, Inc. approved the payment of a special dividend of $0.10 per share for shareholders of record as of January 18, 2011. The dividend was paid to the shareholders on February 10, 2011.

On December 12, 2011, the Board of Directors of Micropac Industries, Inc. approved the payment of a special dividend of $0.10 per share for shareholders of record as of January 18, 2012. The dividend was paid to the Company’s shareholders on February 14, 2012.

Note 9 SUBSEQUENT EVENTS

Management has evaluated subsequent events after the balance sheet date, through the issuance of the financial statements, for appropriate accounting and disclosure.

MICROPAC INDUSTRIES, INC.

(Unaudited)

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Business

The Company’s core technology is the packaging and interconnect of miniature electronic components, utilizing thick film and thin film substrates, and forming microelectronics circuits. Other technologies include light emitting and light sensitive materials and products, including light emitting diodes and silicon phototransistors used in the Company’s optoelectronic components and assemblies.

Results of Operations

	Three months ended
	2/25/2012			2/26/2011
NET SALES		100.0	%		100.0	%

COST AND EXPENSES:
Cost of Goods Sold		70.1	%		60.9	%
Research and development		3.3	%		2.7	%
Selling, general & administrative expenses		23.4	%		17.5	%
Total cost and expenses		96.8	%		81.1	%

OPERATING INCOME BEFORE INTEREST
AND INCOME TAXES		3.2	%		18.9	%

Interest and other income		0.1	%		0.0	%

INCOME BEFORE TAXES		3.3	%		18.9	%

Provision for taxes		1.2	%		6.8	%

NET INCOME		2.1	%		12.1	%

Sales for the first quarter ended February 25, 2012 totaled $3,714,000. Sales for the first quarter decreased 33.6% or $1,876,000 below sales for the same period of 2011. Sales were 21% in the commercial market, 59% in the military market, and 20% in the space market compared to 21% in the commercial market, 44% in the military market, and 35% in the space market for the same period of 2011. The major decrease in sales was in microcircuits space level products with a delay or decrease in new orders in the space industry and a delay in a new order for a custom military optoelectronics product. The Company received a purchase order of the custom militaryoptoelectronics product in February 2012 with shipments starting in March 2012.

Two customers accounted for 13% and 10% of the Company’s sales for the first quarter of 2012 while one customer accounted for 17%of the Company’s sales for the first quarter of 2011.

The Company's management expects sales and operating income to decrease in 2012 as compared to 2011, based on the current backlog of space level product. The Company anticipates new orders for space level products in the second half of 2012, however with long lead times on material purchases the majority of shipments will occur in future years.

Cost of goods sold for the first quarter 2012 versus 2011 totaled 70.1% and 60.9% of net sales, respectively. The increase in cost of goods sold as a percentage of sales resulted from the lower sales overall as well as mix of products with a decrease in sales of products with higher margins. Cost of goods sold decreased $797,000 in the first quarter of 2012 as compared to 2011with a decrease in material cost of $544,000, labor cost of $41,000 and overhead cost of $212,000. The majority of the overhead cost decrease was associated with employees retiring not being replaced.

Research and development cost decreased $27,000 for the first quarter of 2012 compared to the same period of 2011. The research and development expenditures were associated with continued development of power management products.

Selling, general and administrative expenses for the first quarter of 2012 totaled 23.4% of net sales, compared to 17.5% for the same period in 2011. Selling, general and administrative expenses decreased $112,000 in the first quarter of 2012 as compared to 2011.The major decrease was associated with a reduction in overall administrative cost with several administrative employees leaving the Company for other opportunitiesand a reduction in commission expenses with the lower sales.

Provisions for taxes deceased $337,000 for the first quarter of 2012 compared to the same period in 2011. The estimated effective tax rate was 36% for both periods.

Liquidity and Capital Resources

Cash and cash equivalents totaled $7,781,000 as of February 25, 2012 compared to $8,488,000 on November 30, 2011, a decrease of $707,000. The decrease in cash and cash equivalents is primarily attributable to $382,000 cash used in operations, the payment of a cash dividend of $258,000, and the investment of $64,000 in equipment.

On June 1, 2011, the Company renewed a $6,000,000 revolving line of credit agreement with a Texas banking institution for a term of two years. The interest rate is equal to the prime rate. The line of credit requires that the Company maintain a quick ratio of at least 1:1, maintain a tangible net worth of $10,000,000 and maintain a total liabilities to tangible net worth of less than 1.25:1. The Company has not, to date, used any of the available line of credit. The Company is currently in compliance with such financial requirements, but there is no guarantee that the Company will remain in compliance. If the Company does not maintain compliance with each of the requirements, its ability to receive advances from the line of credit will be impaired.

Outlook

New orders for the first quarter of 2012 totaled $4,174,000 compared to $3,953,000 for the comparable period of 2011, an increase of 6%.

Backlog totaled $6,768,000 on February 25, 2012 compared to $9,819,000 as of February 26, 2011 and $6,231,000 on November 30, 2011.

The decrease in backlog is primarily attributable to a delay or decrease in new orders in the space level products during the second half of 2011 and continuing into 2012.The Company anticipates new orders for space level products in the second half of 2012, however with long lead times on material purchases the majority of shipments will occur in future years.The majority of the backlog is shippable in the next twelve months.

The Company cannot assure that the results of operations for the interim period presented are indicative of total results for the entire year due to fluctuations in customer delivery schedules, or other factors over which the Company has no control.

Cautionary Statement

This Form 10-Q contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially. Investors are warned that forward-looking statements involve risks and unknown factors including, but not limited to, customer cancellation or rescheduling of orders, problems affecting delivery of vendor-supplied raw materials and components, unanticipated manufacturing problems and availability of direct labor resources.

The Company produces silicon phototransistors and light emitting diode die for use in certain military, standard and custom products. Fabrication efforts sometimes may not result in successful results, limiting the availability of these components. Competitors offer commercial level alternatives and our customers may purchase our competitors’ products if the Company is not able to manufacture the products using these technologies to meet the customer demands. Approximately $2,363,000 of the Company’s backlog is dependent on these semiconductors.

The Company disclaims any responsibility to update the forward-looking statements contained herein, except as may be required by law.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable

ITEM 4. CONTROLS AND PROCEDURES

(a)	Evaluation of disclosure controls and procedures.

The Chief Executive Officer and Chief Financial Officer of the Company evaluated the Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e)) as of February 25, 2012 and, based on this evaluation, concluded that the Company’s disclosure controls and procedures are functioning in an effective manner to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.

(b)	Changes in internal controls.

There has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting during the three month period ended February 25, 2012.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is not involved in any material current or pending legal proceedings.

ITEM 1A RISK FACTORS

Information about risk factors for the three months ended February 25, 2012does not differ materially from that set forth in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended November 30, 2011.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. MINE SAFETY DISCLOSURE

Not Applicable

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS

(a) Exhibits

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002
31.2	Certification of Chief Accounting Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002.
32.2	Certification of Chief Accounting Officer pursuant to 18 U. S. C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002.
101	Interactive data files pursuant to Rule 405 of Regulation S-T.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this reportto be signed on its behalf by the undersigned duly authorized.

MICROPAC INDUSTRIES, INC.

April 10, 2012	/s/ Mark King
Date	Mark King
	Chief Executive Officer

April 10, 2012	/s/ Patrick Cefalu
Date	Patrick Cefalu
	Chief Financial Officer

EX-31.1 2 micro10qex311022512.htm micro10qex311022512.htm

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark King, certify that:

1.	I have reviewed this quarterly report of Micropac Industries, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: April 10, 2012	/s/ Mark King
	Mark King
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 3 micro10qex312022512.htm micro10qex312022512.htm

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Patrick S. Cefalu, certify that:

1.	I have reviewed this quarterly report of Micropac Industries, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: April 10, 2012	/s/ Patrick S. Cefalu
	Patrick S. Cefalu
	Executive Vice President
	and Chief Financial Officer
	(Principal Accounting Officer)

EX-32.1 4 micro10qex321022512.htm micro10qex321022512.htm

EXHIBIT 32.1

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of Micropac Industries, Inc., a Delaware corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

1.	The Quarterly Report on Form 10-q for the period ended February 25, 2012 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: April 10, 2012	/s/ Mark King
	Mark King
	Chief Executive Officer
	(Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 micro10qex322022512.htm micro10qex322022512.htm

EXHIBIT 32.2

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

1.	The Quarterly Report on Form 10-Q for the period ended February 25, 2012 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: April 10, 2012	/s/ Patrick S. Cefalu
	Patrick S. Cefalu
	Executive Vice President
	and Chief Financial Officer
	(Principal Accounting Officer)

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Note 1 BASIS OF PRESENTATION   Business Description   Micropac Industries, Inc. (the Company), a Delaware corporation, manufactures and distributes various types of hybrid microelectronic circuits, solid state relays, power operational amplifiers, and optoelectronic components and assemblies.  The Companys products are used as components in a broad range of military, space and industrial systems, including aircraft instrumentation and navigation systems, power supplies, electronic controls, computers, medical devices, and high-temperature (200o C) products.  The Companys products are either custom (being application specific circuits designed and manufactured to meet the particular requirements of a single customer) or standard, proprietary components such as catalog items.   The Companys facilities are certified and qualified by Defense Logistics Agency (DLA) to MIL-PRF-38534 (class K-space level), MIL-PRF-19500 JANS (space level), and MIL-PRF-28750 (class K-space level) and is certified to ISO 9001-2002. Micropac is a NASA core supplier, and is registered to AS9100-Aerospace Industry standard for supplier certification.   The Companys core technology is the packaging and interconnecting of miniature electronic components, utilizing thick film and thin film substrates, and forming microelectronics circuits. Other technologies include light emitting and light sensitive materials and products, including light emitting diodes and silicon phototransistors used in the Companys optoelectronic components and assemblies.   In the opinion of management, the unaudited financial statements include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the financial position as of February 25, 2012, the results of operations for the three months ended February 25, 2012and February 26, 2011, and the cash flows for the three monthsended February 25, 2012and February 26, 2011. Unaudited financial statements are prepared on a basis substantially consistent with those audited for the year ended November 30, 2011. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to the rules and regulations promulgated by the Securities and Exchange Commission.  However, management believes that the disclosures contained are adequate to make the information presented not misleading.

Note 2 SIGNIFICANT ACCOUNTING POLICIES   Use of Estimates   The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting period.  Actual results could differ from those estimates.   Revenue Recognition   Revenues are recorded as shipments are made based upon contract prices.  Any losses anticipated on fixed price contracts are provided for currently.  Sales are recorded net of sales returns, allowances and discounts.   The Company recognizes revenue in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 605-10-S99, Revenue Recognition (ASC 605-10-S99). ASC 605-10-S99 requires that four basic criteria must be met before revenues can be recognized: (1) persuasive evidence of an arrangement exists; (2) shipment hasoccurred or services have been rendered; (3) the fee is fixed and determinable;and (4) collectibility is reasonably assured.   Deferred revenue represents prepayments from customers and will be recognized as revenue when the products are shipped per the terms of the contract.   Short-Term Investments   The Company has $2,003,000 in short term investments at February 25, 2012. Short-term investments consist of certificates of deposits with maturities greater than 90 days. These investments are reported at historical cost, which approximates fair value. All highly liquid investments with maturities of 90 days or less are classified as cash equivalents.  All short-term investments are securities which the Company has the ability and intent to hold to maturity and mature within one year.   Inventories   Inventories are stated at lower of cost or market value and include material, labor and manufacturing overhead.  All inventories are valued using the FIFO (first-in, first-out) method of inventory valuation. The Company writes down obsolete and overstocked inventorybased on the usage of inventory over a three year period and projected usage based on current backlog.   Income Taxes   The Company accounts for income taxes using the asset and liability method. Under this method the Company records deferred income taxes for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The resulting deferred tax liabilities and assets are adjusted to reflect changes in tax law or rates in the period that includes the enactment date.   Property, Plant, and Equipment   Property, plant, and equipment are carried at cost, and depreciation is provided using the straight-line method at rates based upon the following estimated useful lives (in years) of the assets:   <table width="100%" style="WIDTH:100%" cellpadding="0" cellspacing="0"> <tr> <td width="12%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:12%; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top">  </td> <td width="33%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:33%; PADDING-RIGHT:0in; BACKGROUND:lightcyan; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top"> Buildings</td> <td width="26%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:26%; PADDING-RIGHT:0in; BACKGROUND:lightcyan; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top"> 15</td> <td width="29%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:29%; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top">  </td></tr> <tr> <td width="12%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:12%; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top">  </td> <td width="33%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:33%; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top"> Facility improvements</td> <td width="26%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:26%; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top"> 8-15</td> <td width="29%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:29%; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top">  </td></tr> <tr> <td width="12%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:12%; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top">  </td> <td width="33%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:33%; PADDING-RIGHT:0in; BACKGROUND:lightcyan; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top"> Machinery and equipment</td> <td width="26%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:26%; PADDING-RIGHT:0in; BACKGROUND:lightcyan; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top"> 5-10</td> <td width="29%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:29%; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top">  </td></tr> <tr> <td width="12%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:12%; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top">  </td> <td width="33%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:33%; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top"> Furniture and fixtures</td> <td width="26%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:26%; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top"> 5-8</td> <td width="29%" style="BORDER-BOTTOM:#ece9d8; BORDER-LEFT:#ece9d8; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:29%; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#ece9d8; BORDER-RIGHT:#ece9d8; PADDING-TOP:0in" valign="top">  </td></tr></table>   The Company assesses long-lived assets for impairment under ASC 360-10-35, Property, Plant and Equipment Subsequent Measurement.  When events or circumstances indicate that an asset may be impaired, an assessment is performed.  The estimated future undiscounted cash flows associated with the asset are compared to the assets net book value to determine if a write down to market value less cost to sell is required.   Repairs and maintenance are expensed as incurred. Improvements which extend the useful life of property, plant, and equipment are capitalized.   Research and Development Costs   Costs for the design and development of new products are expensed as incurred.

Note 7 EARNINGS PER COMMON SHARE   Basic and diluted earnings per share are computed based upon the weighted average number of shares outstanding during the respective periods. Diluted earnings per share give effect to all dilutive potential common shares. For the three months ended February 25, 2012and February 26, 2011, the Company had no dilutive potential common stock.

Note 8 SHAREHOLDERS EQUITY   On December 16, 2010, the Board of Directors of Micropac Industries, Inc. approved the payment of a special dividend of $0.10 per share for shareholders of record as of January 18, 2011.  The dividend was paid to the shareholders on February 10, 2011.   On December 12, 2011, the Board of Directors of Micropac Industries, Inc. approved the payment of a special dividend of $0.10 per share for shareholders of record as of January 18, 2012.  The dividend was paid to the Companys shareholders on February 14, 2012.

Note 9 SUBSEQUENT EVENTS   Management has evaluated subsequent events after the balance sheet date, through the issuance of the financial statements, for appropriate accounting and disclosure.

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Note 3 FAIR VALUE MEASUREMENT   The Company had no financial assets and liabilities measured at fair value on a recurring basis as of February 25, 2012 and November 30, 2011.  The fair value of financial instruments such as cash and cash equivalents, short term investments, accounts receivable, and accounts payable approximate their carrying amount based on the short maturity of these instruments.  There were no nonfinancial assets measured at fair value on a nonrecurring basis at February 25, 2012 and November 30, 2011.

Note 4 RELATED PARTIES   Mr. Eugene Robinson, a director and member of the Companys audit committee, provides advisory services to the Company.Mr. Robinson was not paid any advisory services fees in the first quarters of 2012 and 2011.

Note 5 STOCK-BASED COMPENSATION   On March 1, 2001, the Companys shareholders approved the 2001 Employee Stock Option Plan (the Stock Plan) with 500,000 options available to be granted.  No options have been granted to date.

Note 6 COMMITMENTS   On June 1, 2011, the Company renewed a $6,000,000 revolving line of credit agreement with a Texas banking institution for a term of two years.  The interest rate is equal to the prime rate. The line of credit requires that the Company maintain a quick ratio of at least 1:1, maintain a tangible net worth of $10,000,000and maintain a total liabilities to tangible net worth of less than 1.25:1. The Company has not, to date, used any of the available line of credit. The Company is currently in compliance with such financial requirements, but there is no guarantee that the Company will remain in compliance.  If the Company does not maintain compliance with each of the requirements, its ability to receive advances from the line of credit will be impaired.

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RELATED PARTIES	3 Months Ended
Feb. 25, 2012
RELATED PARTIES
RELATED PARTIES	Note 4 RELATED PARTIES Mr. Eugene Robinson, a director and member of the Company’s audit committee, provides advisory services to the Company.Mr. Robinson was not paid any advisory services fees in the first quarters of 2012 and 2011.

RELATED PARTIES

3 Months Ended

Feb. 25, 2012

RELATED PARTIES

RELATED PARTIES

Note 4 RELATED PARTIES

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

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FAIR VALUE MEASUREMENT

3 Months Ended

Feb. 25, 2012

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

Note 3 FAIR VALUE MEASUREMENT

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 17-22, 27, 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

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CONDENSED BALANCE SHEETS (USD $)	Feb. 25, 2012	Nov. 30, 2011
ASSETS
Cash and cash equivalents	$ 7,781	$ 8,488
Short-term investment	2,003	2,000
Accounts receivable	2,119	1,911
Inventories:
Raw materials	2,597	2,803
Work-in process	2,664	2,475
Total inventories	5,261	5,278
Deferred income tax	720	720
Prepaid income tax	432	474
Prepaid expenses and other assets	72	145
Total current assets	18,388	19,016
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land	80	80
Buildings	498	498
Facility improvements	1,059	1,059
Machinery and equipment	7,590	7,526
Furniture and fixtures	672	672
Total property, plant, and equipment	9,899	9,835
Less accumulated depreciation	(7,986)	(7,901)
Net property, plant, and equipment	1,913	1,934
Total assets	20,301	20,950
CURRENT LIABILITIES:
Accounts payable	343	359
Accrued compensation	361	570
Deferred revenue	39	175
Other accrued liabilities	361	471
Income taxes payable	100	98
Total current liabilities	1,204	1,673
DEFERRED INCOME TAXES	420	420
SHAREHOLDERS' EQUITY
Common stock, ($.10 par value), authorized 10,000,000 shares,3,078,315 issued and 2,578,315 outstanding at February 25, 2012 and November 30, 2011	308	308
Paid-in capital	885	885
Treasury stock, 500,000 shares, at cost	(1,250)	(1,250)
Retained earnings	18,734	18,914
Total shareholders' equity	18,677	18,857
Total liabilities and shareholders' equity	$ 20,301	$ 20,950

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BASIS OF PRESENTATION

3 Months Ended

Feb. 25, 2012

BASIS OF PRESENTATION

BASIS OF PRESENTATION

Note 1 BASIS OF PRESENTATION

Business Description

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Feb. 25, 2012

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

Note 2 SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

Revenue Recognition

The Company recognizes revenue in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 605-10-S99, Revenue Recognition (ASC 605-10-S99). ASC 605-10-S99 requires that four basic criteria must be met before revenues can be recognized: (1) persuasive evidence of an arrangement exists; (2) shipment hasoccurred or services have been rendered; (3) the fee is fixed and determinable;and (4) collectibility is reasonably assured.

Deferred revenue represents prepayments from customers and will be recognized as revenue when the products are shipped per the terms of the contract.

Short-Term Investments

Inventories

Income Taxes

Property, Plant, and Equipment

Property, plant, and equipment are carried at cost, and depreciation is provided using the straight-line method at rates based upon the following estimated useful lives (in years) of the assets:

	Buildings	15
	Facility improvements	8-15
	Machinery and equipment	5-10
	Furniture and fixtures	5-8

The Company assesses long-lived assets for impairment under ASC 360-10-35, Property, Plant and Equipment – Subsequent Measurement. When events or circumstances indicate that an asset may be impaired, an assessment is performed. The estimated future undiscounted cash flows associated with the asset are compared to the asset’s net book value to determine if a write down to market value less cost to sell is required.

Repairs and maintenance are expensed as incurred. Improvements which extend the useful life of property, plant, and equipment are capitalized.

Research and Development Costs

Costs for the design and development of new products are expensed as incurred.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

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CONDENSED BALANCE SHEETS PARENTHETICALS (USD $)	Feb. 25, 2012	Nov. 30, 2011
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	10,000,000	10,000,000
Common Stock, shares issued	3,078,315	3,078,315
Common Stock, shares outstanding	2,578,315	2,578,315
Treasury stock, shares	500,000	500,000

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

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Document and Entity Information	3 Months Ended
Document and Entity Information	Feb. 25, 2012
Document and Entity Information
Entity Registrant Name	MICROPAC INDUSTRIES INC
Document Type	10-Q
Document Period End Date	Feb. 25, 2012
Amendment Flag	false
Entity Central Index Key	0000065759
Current Fiscal Year End Date	--11-30
Entity Common Stock, Shares Outstanding	2,578,315
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1

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CONDENSED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
CONDENSED STATEMENTS OF OPERATIONS (USD $)	Feb. 25, 2012	Feb. 26, 2011
NET SALES	$ 3,714	$ 5,590
COST AND EXPENSES:
Cost of goods sold	(2,605)	(3,402)
Research and development	(122)	(149)
Selling, general and administrative expenses	(868)	(980)
Total cost and expenses	(3,595)	(4,531)
OPERATING INCOME BEFORE INTEREST AND TAXES	119	1,059
Interest and other income	3	0
INCOME BEFORE TAXES	122	10,598
Provision for taxes	(44)	(381)
NET INCOME	$ 78	$ 678
NET INCOME PER SHARE, BASIC AND DILUTED	$ 0.03	$ 0.26
DIVIDENDS PER SHARE	$ 0.10	$ 0.10
WEIGHTED AVERAGE OF SHARES, basic and diluted	2,578,315	2,578,315

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EARNINGS PER COMMON SHARE

3 Months Ended

Feb. 25, 2012

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

Note 7 EARNINGS PER COMMON SHARE

Basic and diluted earnings per share are computed based upon the weighted average number of shares outstanding during the respective periods. Diluted earnings per share give effect to all dilutive potential common shares. For the three months ended February 25, 2012and February 26, 2011, the Company had no dilutive potential common stock.

- Definition

The entire disclosure for earnings per share.

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COMMITMENTS

3 Months Ended

Feb. 25, 2012

COMMITMENTS

COMMITMENTS

Note 6 COMMITMENTS

On June 1, 2011, the Company renewed a $6,000,000 revolving line of credit agreement with a Texas banking institution for a term of two years. The interest rate is equal to the prime rate. The line of credit requires that the Company maintain a quick ratio of at least 1:1, maintain a tangible net worth of $10,000,000and maintain a total liabilities to tangible net worth of less than 1.25:1. The Company has not, to date, used any of the available line of credit. The Company is currently in compliance with such financial requirements, but there is no guarantee that the Company will remain in compliance. If the Company does not maintain compliance with each of the requirements, its ability to receive advances from the line of credit will be impaired.

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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SHAREHOLDERS' EQUITY

3 Months Ended

Feb. 25, 2012

SHAREHOLDERS' EQUITY.

SHAREHOLDERS' EQUITY

Note 8 SHAREHOLDERS’ EQUITY

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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XML 26 R14.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

3 Months Ended

Feb. 25, 2012

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Note 9 SUBSEQUENT EVENTS

Management has evaluated subsequent events after the balance sheet date, through the issuance of the financial statements, for appropriate accounting and disclosure.

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CONDENSED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS (USD $)	Feb. 25, 2012	Feb. 26, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 78	$ 678
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	85	70
Changes in certain current assets and liabilities:
(Increase)decrease in accounts receivable	(208)	205
Decrease in inventories	17	7
(Increase) decreasein prepaid expenses and other current assets	115	(55)
Decrease in accounts payable	(16)	(61)
Decrease in accrued compensation	(209)	(345)
Decrease in deferred revenue	(136)	(76)
Decrease in other accrued liabilities	(110)	(91)
Increase in income taxes payable	2	374
Net cash provided by (used in) operating activities	(382)	706
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short term investments	(3)	(1,000)
Additions to property, plant and equipment	(64)	(255)
Net cash used in investing activities	(67)	(1,255)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividend	(258)	(258)
Net cash used in financing activities	(258)	(258)
Net change in cash and cash equivalents	(707)	(807)
Cash and cash equivalents at beginning of period	8,488	9,085
Cash and cash equivalents at end of period	7,781	8,278
Supplemental Cash Flow Disclosure:
Cash paid for income taxes	$ 0	$ 7

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STOCK-BASED COMPENSATION

3 Months Ended

Feb. 25, 2012

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

Note 5 STOCK-BASED COMPENSATION

On March 1, 2001, the Company’s shareholders approved the 2001 Employee Stock Option Plan (the “Stock Plan”) with 500,000 options available to be granted. No options have been granted to date.

- Definition

The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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